{"ok":true,"canonical_url":"https://dealroom.so/glossary/competitive-bid","api_url":"https://dealroom.so/api/public/glossary/competitive-bid","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"competitive-bid","term":"Competitive bid","group":"Doing the deal","definition":"When multiple buyers vie for the same business, often driving up the price. As a buyer, you need to be prepared to make your best offer and show strong conviction.","what_it_means":"In a competitive process, sellers often set deadlines for offers and may ask for \"best and final\" bids. Ensure your LOI is clean, your proof of funds is solid, and you've done enough initial due diligence to be confident in your offer without overpaying.","url":"https://dealroom.so/glossary/competitive-bid","official_sources":[],"related":[{"slug":"loi","term":"LOI","url":"https://dealroom.so/glossary/loi"},{"slug":"due-diligence","term":"Due diligence","url":"https://dealroom.so/glossary/due-diligence"},{"slug":"proof-of-funds","term":"Proof of funds","url":"https://dealroom.so/glossary/proof-of-funds"},{"slug":"business-broker","term":"Business broker","url":"https://dealroom.so/glossary/business-broker"}],"related_questions":[]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Competitive bid","url":"https://dealroom.so/glossary/competitive-bid","source_type":"DealRoom Data"}}